Charles Schwab Investment Management Inc. Raises Holdings in Iron Mountain Incorporated (NYSE:IRM)

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Iron Mountain by 0.2%, owning 3,487,479 shares valued at approximately $300 million.
• Iron Mountain announced a quarterly dividend of $0.785 per share, resulting in an annualized dividend yield of 3.5%, with a remarkably high dividend payout ratio of 2,242.86%.
• Analysts have varied outlooks for Iron Mountain, with price targets ranging from $100 to $121, while the stock currently has a consensus rating of "Buy".

Charles Schwab Investment Management Inc. boosted its holdings in Iron Mountain Incorporated (NYSE:IRM - Free Report) by 0.2% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 3,487,479 shares of the financial services provider's stock after buying an additional 8,689 shares during the period. Charles Schwab Investment Management Inc. owned 1.18% of Iron Mountain worth $300,063,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of IRM. Cranbrook Wealth Management LLC purchased a new stake in Iron Mountain in the 1st quarter worth $26,000. Golden State Wealth Management LLC purchased a new stake in Iron Mountain in the 1st quarter worth $30,000. Ramirez Asset Management Inc. purchased a new stake in Iron Mountain in the 1st quarter worth $34,000. Wayfinding Financial LLC purchased a new position in shares of Iron Mountain during the first quarter valued at about $37,000. Finally, Franchise Capital Ltd purchased a new position in shares of Iron Mountain during the first quarter valued at about $39,000. Hedge funds and other institutional investors own 80.13% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on IRM shares. Wall Street Zen upgraded Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. Barclays raised their price objective on Iron Mountain from $118.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, May 27th. Finally, JPMorgan Chase & Co. cut their price objective on Iron Mountain from $112.00 to $100.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $120.00.

Insider Activity

In other Iron Mountain news, EVP Greg W. Mcintosh sold 17,334 shares of the firm's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $100.00, for a total value of $1,733,400.00. Following the completion of the sale, the executive vice president owned 35,446 shares of the company's stock, valued at $3,544,600. This trade represents a 32.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Walter C. Rakowich sold 900 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $99.97, for a total transaction of $89,973.00. Following the completion of the sale, the director directly owned 36,515 shares of the company's stock, valued at approximately $3,650,404.55. The trade was a 2.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold 240,007 shares of company stock worth $23,543,507 in the last ninety days. 1.90% of the stock is currently owned by company insiders.

Iron Mountain Trading Up 1.3%

Shares of NYSE:IRM traded up $1.17 during trading on Wednesday, reaching $93.32. The company's stock had a trading volume of 447,711 shares, compared to its average volume of 1,844,560. Iron Mountain Incorporated has a 12 month low of $72.33 and a 12 month high of $130.24. The firm's 50 day simple moving average is $99.14 and its two-hundred day simple moving average is $94.37. The stock has a market capitalization of $27.56 billion, a PE ratio of 667.05 and a beta of 1.07.

Iron Mountain (NYSE:IRM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $1.19 by $0.05. Iron Mountain had a net margin of 0.66% and a negative return on equity of 146.80%. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the firm earned $1.08 EPS. The firm's revenue for the quarter was up 11.6% compared to the same quarter last year. Research analysts anticipate that Iron Mountain Incorporated will post 4.54 EPS for the current fiscal year.

Iron Mountain Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 3rd. Shareholders of record on Monday, September 15th will be paid a $0.785 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.14 annualized dividend and a yield of 3.4%. Iron Mountain's dividend payout ratio (DPR) is presently 2,242.86%.

Iron Mountain Profile

Iron Mountain Incorporated NYSE: IRM is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers' work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.